2003-211 Council Resolution - Laserfiche WebLink

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REGISTRATION PROVISIONS The ownership of the unpaid balance of the within Bond is registered in the bond register of the City Finance Director, in the name of the person last listed below. Date of Registered Registration Owner Lino Lakes State Bank Lino Lakes, Minnesota Federal Employer ID No. Section 4. Payment: Security. Signature of City Finance Director 4.01. The Bond will be payable from the Taxable General Obligation Improvement Bonds, Series 2003B Debt Service Fund (Debt Service Fund) hereby created, and the proceeds of general taxes hereinafter levied (Taxes) and special assessments (Assessments) levied or to be levied for the improvements described in the resolution authorizing sale of the Bonds are hereby pledged to the Debt Service Fund. If a payment of principal or interest on the Bonds becomes due when there is not sufficient money in the Debt Service Fund to pay the same, the Finance Director will pay such principal or interest from the general fund of the City, and the general fund may be reimbursed for those advances out of the proceeds of Assessments and taxes levied by this resolution when collected. 4.02. There is appropriated to the Debt Service Fund all capitalized interest funded from Bond proceeds, if any. 4.03. The City Administrator is directed to file a certified copy of this resolution with the County Auditor of Anoka County and obtain the certificate required by Minnesota Statutes, Section 475.63. 4.04. It is determined that at least 20% of the cost of the Improvements will be specially assessed against benefited properties. For the purpose of paying the principal of and interest on the Bonds, there is hereby levied a direct annual irrepealable ad valorem tax upon all of the taxable property in the City, which will be spread upon the tax rolls and collected with and as part of other general taxes of the City. Such tax will be credited to the Debt Service Fund above provided and will be in the years and amounts as follows (year stated being year of levy for collection the following year): SJB-240611v1 LN 140-84